CATL EV Battery

Author:Source:Datetime: 2018-02-05 12:46:39

The next global powerhouse in the auto industry comes from a small city in a tea-growing province of southeast China, where an unheralded maker of electric-vehicle batteries is planning a $1.3 billion (8.2 billion yuan) factory with enough capacity to surpass the output of Tesla and dwarf the suppliers for battery-powered cars by GM, Nissan and Audi.

Contemporary Amperex Technology, or CATL, already sells the most batteries and lifepo4 battery packs to the biggest electric-vehicle makers in the biggest EV market: China. Now it wants to use proceeds from a pending initial public offering backed by Goldman Sachs Group Inc. to get under the hoods of more European marques and secure customers in the U.S.
The company plans to raise $2 billion as soon as this year by selling a 10 percent stake, at a valuation of about $20 billion. The share sale would finance construction of a battery-cell plant second in size only to Tesla Inc.’s gigafactory in Nevada -- big enough to cement China as the leader in the technology replacing gas-guzzling engines.

The new assembly lines would quintuple CATL’s production capability and make it the world’s largest electric-vehicle battery cell manufacturer, ahead of Tesla, Warren Buffett-backed BYD Co. in China and South Korea’s LG Chem Ltd., according to Bloomberg New Energy Finance. The factory could go fully online as soon as 2020, an opportune time as China targets a sevenfold increase in new-energy vehicle TAG: SouthTimeDronesTigerDevicesAltaAESIrelandHawaiiDuke100Ah48VtelecomMaltaBattery-Box